Aldermore opens its doors for business

POSTED: 21st May 2010

IN: Newsroom

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Aldermore, the new intermediary residential and buy-to-let mortgage lender, has today announced that it will be opening its doors for business on Monday 24th May, following the successful completion of its systems testing programme.

Aldermore is initially making its products available to a select panel of intermediaries via leading mortgage networks and clubs including: 3mc, BDS, Legal & General, Mortgage Intelligence, Mortgages for Business, Mortgage Next, Pink, Platinum and PTFS. Appointed representatives and directly authorised mortgage brokers will be notified early next week, by their network or club, how they can register and then submit applications to Aldermore.

Colin Snowdon, Chief Executive, Residential Mortgages at Aldermore, said: "Our launch plan is initially to roll out our service via a panel of brokers selected by our distribution partners, so that we can carefully monitor the quality of business we receive and ensure the quality of service we provide.

"However, it's then our intention to widen access to all broker members of our distribution partners. This roll out approach is an important part of our determination to provide excellent service levels."

Aldermore says that feedback from brokers over the past few weeks has been extremely positive. Here's what some brokers had to say:

Andrew Oakes, a partner with RSC Financial Services which is based in Cheadle Hulme, Cheshire, said: "We recently had what we thought was a very straightforward 73% house purchase application from a second-time buyer in a good job with a deposit of £38k. All payments had been met and bank statements suggested nothing adverse, so we were very surprised to have the case declined on credit score by another lender.

"This is the kind of mortgage deal that will be bread and butter for Aldermore. For me, having a new lender enter the market will bring added diversity and competition and is a welcome development. I'm sure many of my clients will be in agreement too."

Edward Papworth, a Lincolnshire-based mortgage consultant with Gold IFA, added: "Like many brokers, I've had cases declined by high street lenders due to factors such as a client having one or two historic missed credit card payments. With Aldermore entering the market I feel it will allow brokers to place these creditworthy cases and offer clients a competitive product."

Doug Hall, Managing Director of Sale based distributor 3mc, said: "Aldermore is just what the mortgage market needs. A gap has opened-up in the market since the onset of the credit crunch, in which thousands of perfectly creditworthy borrowers find themselves unable to get a mortgage. Aldermore is going to address this sector head-on, which is great news."

Intermediaries can obtain further information about Aldermore's mortgage products and service at www.aldermore-mortgages.co.uk